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Balance sheet effects and the choice of exchange rate regime in developing countries

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Author Info

  • Michael Bleaney
  • Manuela Francisco

Abstract

We investigate the choice of regime amongst hard pegs, soft pegs, managed floats and independent floats for a panel of developing countries. There is evidence of a matched ordering of regimes and country characteristics. We find some evidence for the 'balance sheet' hypothesis that foreign liabilities in the banking system and foreign debt are associated with less exchange rate flexibility, particularly when a 'de facto' regime classification is used. Easily the best predictor of a country's current regime is its regime in the previous year.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09638190701872822
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The Journal of International Trade & Economic Development.

Volume (Year): 17 (2008)
Issue (Month): 2 ()
Pages: 297-310

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Handle: RePEc:taf:jitecd:v:17:y:2008:i:2:p:297-310

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Related research

Keywords: exchange rate regimes; developing countries;

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Cited by:
  1. Michael Bleaney & F. Gulcin Ozkan, 2008. "Foreign Debt and Fear of Floating: A Theoretical Exploration," Discussion Papers 08/10, Department of Economics, University of York.
  2. Michael Bleaney & F. Gulcin Ozkan, 2011. "The structure of public debt and the choice of exchange rate regime," Canadian Journal of Economics, Canadian Economics Association, vol. 44(1), pages 325-339, February.

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